Q2 2024 Volue ASA Earnings Call Transcript
Key Points
- Volue ASA (STU:642) reported a 24% growth in annual recurring revenue (ARR) and a 38% increase in SaaS revenues for the second quarter of 2024.
- The company launched a new AI-based wind model, enhancing its Insight platform and providing more accurate forecasts for customers.
- Volue ASA has a strong market position in the Nordics and is expanding its footprint in Europe, particularly in the energy and power grid segments.
- The company has maintained a low customer churn rate below 2%, indicating strong customer retention and satisfaction.
- Volue ASA's strategic shift towards recurring revenue streams is building a more resilient business model with improved margins.
- Operating revenues were flat when excluding the effects from Enerim, indicating challenges in organic growth.
- The energy segment faced headwinds with a decline in non-recurring volatility-driven revenues, impacting overall revenue growth.
- The company experienced a shortfall in high-margin non-recurring revenues, affecting adjusted EBITDA.
- CapEx levels in Q2 2024 were higher than previous quarters, which may impact short-term cash flow.
- Volue ASA's ongoing business model transformation may pose risks and uncertainties as it shifts towards more recurring revenue streams.
Okay, hi, everyone. I am Jacob Clausen Krøvel. I'm Investor Relations at Volue. Thank you for dialing in to this presentation of Volue's financial results for the second quarter. And the presentation will be given by Trond Straume, CEO of Volue; and Arnstein Kjesbu, the company's CFO. Following the presentation, we will do a Q&A session. (Operator Instructions) So that's the practicalities. With that, I'll hand the word over to Trond to kick us off.
Thank you so much, Jacob. And good morning, everyone. As Jacob said at the start, I'm Trond Straume, the CEO. Arnstein Kjesbu is with me today. And we're really pleased to have you on this call talking through the second-quarter results from Volue.
For those of you who are new to Volue, the company was created in 2020, but our roots dates back to 1969 as part of a Norwegian research institute. We have more than 2,500 customers across more than 40 countries. And our team of more than 800 colleagues
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